NR - Its a start
Mahdia JVs produce 118.5 oz Au in June; CFO resigns
2014-06-30 10:31 ET - News Release
Mr. Don Gordon reports
MAHDIA GOLD ANNOUNCES PRODUCTION INCREASE AND RESIGNATION OF CFO
Mahdia Gold Corp. produced 118.5 ounces of gold in its joint venture operations this month, amounting to net production of approximately 40 ounces, all from existing equipment. An additional 75-ton-per-day wash plant has been added this past week and gone through a testing phase. The company has two joint ventures, and adding a third with the new wash plant. The interest in wash plants varies from 25 per cent to 50 per cent of production.
The arrangement with one of the company's major joint venture partners has been changed, where the company is taking ownership of three dredges from which the company will receive 100 per cent of production in addition to 50 per cent of production on the existing dredge under the joint venture. Its production and the increased production from all existing dredges are expected to continue with growing production each month.
The company also announces the resignation of Michael Galloro, CA, as chief financial officer.
The board wishes to thank Mr. Galloro for his service since being appointed on Sept. 26, 2012. His participation in Mahdia Gold has been very valuable and has helped the company tremendously.
The company is adding dredge capacity to the operation to demonstrate it can feasibly maintain payments to the Guyana government, and to establish consistent and growing production to meet conditions to obtain necessary financing for all its obligations. The changes have necessitated the suspension of a number of compensation contracts, and the replacement of managerial and supervisory personnel on the operations site. The company is in the process of changing to a lower level of fixed costs and closer cost control.
We seek Safe Harbor.
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I like the CFO resignation, I think the cleaning house and the rebuilding phase has started. Vote against the 10:1 (which I dont believe will happen) and move forward. Being optimistic as a lot of us have a ton of this company.